I consider altcoin investing a sort of gambling investment since it seems to be so damn random. Sure, you can invest with better odds than going into the casino, but its still a risky investment, so it would qualify the definition of risky investment.
Well, the problem with many alt coins is that many are not made with the intention to be a competitor to bitcoin, after all the only way any of this new coins will have a chance is if they did everything that bitcoin did and then more, but a lot of this coins are just copycats so is very obvious that the developers of this copycat coins are just trying to cash on the fame of bitcoin.